Business Services Industry
CANADA: MOODY'S UPGRADES COMMERCE, AFFIRMS TD AND TD BANKNORTH, N.A., BUT DOWNGRADES TD BANKNORTH INC.
IPR Strategic Business Information Database, March, 2008
Moody's Investors Service upgraded Commerce Bank, N.A. to Aa2 from A1 for long-term deposits following the acquisition of its parent, Commerce Bancorp, by Toronto-Dominion Bank (TD). TD's ratings were affirmed (bank financial strength at B and long-term deposits at Aaa) as was Commerce Bank's B- bank financial strength rating.
Following the acquisition, Commerce Bank, N.A. carries the same ratings as TD Banknorth, N.A., TD's lead U.S. bank (bank financial strength at B- and long-term deposits at Aa2). Moody's noted that both banks, and all branches, will ultimately be rebranded and operate as TD Commerce Bank. Regarding TD Banknorth, Inc., TD's primary U.S. bank holding company, its issuer rating was downgraded to A1 from Aa3. At the same time, Commerce...
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